Moral panic, our predisposition to exaggerate threats against our livelihood and start blaming ourselves, is as old as human history. We always feared “others”, people with skin colors or ethnicity other than ours, people coming from other corners of the globe, and the infectious diseases the strangers might bring along. This paper deals with a new version of such moral panics which is arguably even more intense than the previous ones, but which relates to a new dimension of human experience, namely globalization. The health, economic and environmental challenges we are now faced with are posed globally. The moral panic today stems from this triple challenge. Our central thesis is that these three emergencies are interrelated, but there is no simple causal relationship between them. They can only be addressed in a global manner, while we still live in a world which is segmented into sovereign nation-states.